2,017 research outputs found
Three essays on contrarian returns in Asian emergingmarkets / Ali Fayyaz Munir
No full textThis study evaluates the contrarian effect in time-varying circumstances of emerging Asian economies. The study is divided into three objectives: (i) To examine the relationship between varying stock market conditions and contrarian returns with reference to the dynamic market assumption of Adaptive Market Hypothesis (AMH); (ii) To examine the impact of firm-specific, industry-specific and macroeconomic factors on contrarian strategy’s profitability; and (iii) To examine the impact of varying degrees of financial liberalization on contrarian strategy payoffs. Accordingly, each research objective is represented by a separate essay.
The first essay dealing with objective 1 investigates the relation between time-varying stock market conditions and contrarian returns in South Asian stock markets based on the dynamic market assumption of the Adaptive Market Hypothesis (AMH). Not only the existence of significant contrarian returns is confirmed in all the sample emerging markets, but the study also finds that these returns are time-varying, where the excess return opportunities wax and wane over time based on contrarian portfolios. Further investigations indicate that contrarian returns strengthen during the negative market states, higher volatility and crises periods, particularly during the Asian financial crisis. Interestingly, the market state is found to be the primary predictor of contrarian payoffs instead of market volatility, which contradicts the findings of developed markets.
The second essay addressing objective 2 examines the predictive ability of firm-specific, industry-specific and macroeconomic factors over contrarian strategy payoffs. By employing portfolio formation and subsequent rebalancing methodology, this study finds that firm-specific factors such as trading volume and market value have significant predictive power towards contrarian returns. Stocks with lowest trading volume group generate highest contrarian returns. This finding supports the conjecture that trading volume proxying information asymmetry can be a determining factor for contrarian profitability in South Asian stock markets. Regarding industry analysis, the empirical findings provide evidence for short-term industry contrarian effect. Using data spanning different market states, the study finds that industry contrarian effect was stronger during the Asian and global financial crisis, while industry momentum effect was evident after the global financial crisis and during COVID epidemic. The overall findings of this section imply that Industry aspect cannot be neglected while interpreting the returns of trading strategies in emerging markets. Next, the findings based on predictive regressions suggest that three-month treasury rate, balance of trade and world market return (MSCI) have significant predictive power for contrarian profitability in South Asian stock markets.
Finally, the third essay representing objective 3 investigates the behavior of contrarian strategy payoffs under varying degrees of financial liberalization in Asia-Pacific emerging markets, namely China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines and Thailand. These markets represent economies that display a gradual change in the degree of financial liberalization instead of fully opening their markets to foreign investors at once. By using the dataset of all listed firms and four different measures of the degree of financial liberalization, the study employs portfolio formation, panel regressions and binary modelling methods to reveal the impact of partial and complete financial liberalization on contrarian returns. This study documents a negative relationship between the degree of financial liberalization and contrarian strategy payoffs. The results further indicate that small-sized emerging markets reveal more significant and higher contrarian returns as compared to their larger counterparts. The study findings are consistent with the investor-base broadening hypothesis, where the small and less liberalized emerging markets offer opportunities for investors and fund managers to produce abnormal contrarian returns that cannot be earned by other conventional investment strategies
Makna Taghut dalam Al-Qur’an: studi komparatif tafsir Al-Qummi karya Abi Hasan Ali Ibrahim Al Qummi dan tafsir Al-MuniR Karya Wahbah Al Zuhaili
No full textDilatar belakangi oleh perbedaan pendapat dalam menafsirkan Alquran dikarenakan oleh idiologi mufassir, seperti halnya dengan mufassir Syi’ah dan Sunni. Hal tersebut dibuktikan dengan perbedaan penafsiran Abi Hasan Ali Ibrahim Al Qummi yang berideologi Syi’ah dan Wahbah Al Zuhaili yang beideologi Sunni pada lafadz taghut. Fokus penelitian pada penelitian ini adalah (1) Bagaimana penafsiran lafadz taghut menurut tafsir al-Qummi ?. (2) Bagaimana penafsiran lafadz taghut menurut tafsir al-Munir?. (3) Dimana letak persamaan dan perbedaan penafsiran lafadz taghut menurut tafsir al-Qummi dan al-Munir?. (4) apa faktor yang melatar belakangi penafsiran Abi Hasan Ali Ibrahim Al Qummi dan Wahbah Al Zuhaili berbeda?. penelitian ini menggunakan jenis penelitian kepustakaan (librrary research) dengan metode penyajian data secara deskrptif dan analitis. Hasil penelitian: (1) Lafadz taghut menurut tafsir al-Qummi ialah setiap orang yang merampaskan hak Ahlul Bait atau keluarga Nabi Muhammad Saw dan setiap pengikut mereka yang dapat membuat Ahlul Bait murka. (2) Lafadz taghut menurut tafsir al-Munir ialah setan, berhala dan tiap kemaksiatan yang melampaui batas. (3) Letak persamaanya terletak ketika kedua tafsir memberikan makna taghut dengan makna perilaku yang bathil, melampaui batas yang telah ditentukan oleh syara’. Kemudian perbedaanya, dalam tafsir al-Qummi lafadz taghut ialah bentuk kedzaliman yang dilakukan oleh seorang kepada Ahlul Bait atau keluarga Nabi Muhammad Saw dan setiap pengikut mereka yang membuat Ahlul Bait murka. Sedangkan dalam tafsir al-Munir ialah bentuk kedzaliman kepada makhluk lain atau sifatnya lebih umum. (4) terjadinya perbedaan makna dalam penafsiran dilatar belakangi oleh lingkungan, akidah dan idiologi
The Letter Writing of Dr. Zahid Munir Amir
No full textProf. Dr. Zahid Munir Aamir was fond of writing letters, reading and collecting letters from his student days. From his childhood, he started the work of collecting famous poems and achieved success in it. He surprised the famous researchers and critics by combining the letters of Maulana Zafar Ali Khan, Chaudhry Afzal Haq, Maulana Taj Mehmood and other eminent literary figures during his student days. Positive constructive thinking, evergreen style, thought-provoking and insightful sentences, articles full of wisdom and frankness with popular knowledge and literature are the beauty of Dr. Zahid Munir Amir's letters. Urdu literature, Iqbal and the smell of Pakistan are prominent in his correspondence. In this article, letter writing style of Dr. Zahid Munir Amir and his compilations consisting of letter of other personalities have been analysed
Unveiling E<sub>6</sub>SSM Scalar Diquarks at the HL-LHC
No full textWe investigate the phenomenology of scalar diquarks with sub-TeV masses within the framework of the E6 Supersymmetric Standard Model (E6SSM) at the Large Hadron Collider (LHC). Focusing on the lightest of the six diquarks predicted by the model, we select some representative low masses for them in a parameter space region consistent with experimental constraints from direct searches for additional Higgs boson(s), Cold Dark Matter (CDM), and supersymmetry, as well as from flavor physics analyses. Using Monte Carlo (MC) simulations, we assess these benchmark points against the latest LHC results corresponding to an integrated luminosity of 140 fb−1. We further evaluate the signal significance of the pair-production of these diquarks, when each of them decays into tb pairs, at the s√=13 TeV LHC Run 3 with design integrated luminosity of 300 fb−1, and also at the 3000 fb−1 High-Luminosity LHC (HL-LHC). Our analysis yields a statistical significance exceeding 3σ at the HL-LHC for diquark masses up to 1 TeV, indicating promising prospects for their discovery
Wastewater as a Controversial, Contaminated yet Coveted Resource in South Asia
No full texthuman development, water, sanitation
Students' Perception of Class XII Fashion Design at SMK An-Nur Al Munir on Speaking Skills
No full textEducation is instrumental in shaping the lives of individuals in a society. Educational institutions need to provide quality education to prepare the students for the future generation. As such, schools offer an environment where students can learn the required skills and knowledge. Every organization has different characteristics based on its purpose and mission. All students have varied perspectives on what it means to learn to speak English, according to students' perceptions. The purpose of this study is (1) describe Students’ Perception Toward Speaking Skills at An-Nur Al Munir Vocational High School. The focus of this study is qualitative analysis. The researcher used a descriptive qualitative research approach as a design strategy because it was analogous to gathering information from students' perceptions. The use of this research approach is tailored to the basic purpose of research, namely to describe twelfth-grade students’ perception of English-speaking lessons at An-Nur Al Munir Vocational High School. The results of Students’ Perception Toward Speaking Skill at An-Nur Al Munir Vocational High School show that Facilities that support learning activities well, including this English-speaking learning activity, result in enjoyable learning. Various students have different opinions about language acquisition. Some come with a lot of benefits, while others have some drawbacks. However, the researcher's data show that An-Nur Al-Munir Vocational High Schools twelfth-grade fashion students who are learning to speak English have more advantages than disadvantages in doing so
FIGURES 15, 16. Metasoma, lateral view. 15. Eumenes punctatus. 16. E in Vespidae (Hymenoptera) of the Pothwar region of Punjab, Pakistan
No full textFIGURES 15, 16. Metasoma, lateral view. 15. Eumenes punctatus. 16. E. papillarius.Published as part of Siddiqui, Junaid Ali, Bodlah, Imran, Carpenter, James M., Naeem, Muhammad, Ahmad, Munir & Bodlah, Muhammad Adnan, 2015, Vespidae (Hymenoptera) of the Pothwar region of Punjab, Pakistan, pp. 501-524 in Zootaxa 3914 (5) on page 506, DOI: 10.11646/zootaxa.3914.5.1, http://zenodo.org/record/24173
FIGURE 23. Allorhynchium argentatum. a. Head, frontal view. d in Vespidae (Hymenoptera) of the Pothwar region of Punjab, Pakistan
No full textFIGURE 23. Allorhynchium argentatum. a. Head, frontal view. d. ♀, lateral view.Published as part of Siddiqui, Junaid Ali, Bodlah, Imran, Carpenter, James M., Naeem, Muhammad, Ahmad, Munir & Bodlah, Muhammad Adnan, 2015, Vespidae (Hymenoptera) of the Pothwar region of Punjab, Pakistan, pp. 501-524 in Zootaxa 3914 (5) on page 511, DOI: 10.11646/zootaxa.3914.5.1, http://zenodo.org/record/24173
FIGURE 9, 10. 9 in Vespidae (Hymenoptera) of the Pothwar region of Punjab, Pakistan
No full textFIGURE 9, 10. 9. Eumenes papillarius, metasoma, lateral view. 10. Allorhynchium argentatum, fore wing.Published as part of Siddiqui, Junaid Ali, Bodlah, Imran, Carpenter, James M., Naeem, Muhammad, Ahmad, Munir & Bodlah, Muhammad Adnan, 2015, Vespidae (Hymenoptera) of the Pothwar region of Punjab, Pakistan, pp. 501-524 in Zootaxa 3914 (5) on page 504, DOI: 10.11646/zootaxa.3914.5.1, http://zenodo.org/record/24173
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